Selling Ebooks? How to Price Your Product to Make Money Online
Ebook sellers like me struggle to figure out to price products to make money online. A conversation with a business mentor recently just made things a lot easier, however. Let me explain.
Recently, I raised the price on my SEO writing ebook – significantly (from $9.95 to $39.95). I did it after speaking with an old business mentor. I was telling her about how well the ebook was selling and the success a few buyers had told me they experienced after buying it. We went on to talk about other things and at the end of our conversation she said, “Email me that ebook. I want to know just what you told people that can get them up and running so quickly.”
Selling Ebooks Online: Advice from a Small Business Mentor
Over the next few days, I emailed her the book and within 24 hours of reading it she said:
You have to stop giving away your experience so cheaply. What you’re really imparting here is knowledge it took you years — and thousands of dollars in mistakes — to learn. You’re trading that for a few dollars — and creating more competition for yourself in the meantime. If I were you I’d either raise the price, or take it off the market.
She was so forceful about it, almost angry (she’s usually very mildmannered) that I got to thinking. FYI, you can use the following information in any business situation where you find yourself wondering, “How much should I charge?”
Ebook Sellers — Putting Your Knowledge on Sale: How Much Is It Worth?
When it comes to selling information online, I think most ebook writers struggle with price. But, when my mentor said, “What you’re really imparting here is knowledge it took you years — and thousands of dollars in mistakes — to learn. You’re trading that for a few dollars …” something resonated within me and I got a little angry at myself to be honest. Why?
I thought of the hours I spent researching SEO writing online, the years I’ve spent learning how to market by trial and error, the countless times I’ve lost money on marketing campaigns until I hit on something that worked — all of this went into the ebook.
And, I thought, how much do consultants charge for this type of knowledge? How much would it be worth on the open market? If I worked for someone else in a job I hated, how much would I pay someone to tell me exactly how to make enough to quit my job in a few months?
All readers have to do is read in maybe 30 minutes what it took me over 15 years to learn – and they’re off and running. I wish I’d had it so easy. I received the following comment just yesterday from an SEO writer who bought the book and is charging – and getting — more than I am.
Yet Another SEO Ebook Success Story: He Gets $40 an Article; I Get $25
The following comment was sent in to yesterday’s post entitled, Make Money w/Instantly Downloadable Ebooks: Turn into an e-Junkie
I was one of those who didn’t get my order instantly when I bought your book. I was a bit frustrated since I’m used to instant downloads as soon as I buy an ebook. But you were very professional in how you went about it and sent me my ebook. I also want to take this opportunity to thank you for your ebook.
I followed your ebook and did everything that you recommended and I cannot believe how good it worked!! It’s insane!! Let me post an email I got just last week:
“Thank you for contacting us. I have a particular format of articles we want. If you can do them I can offer you $40 per article. Otherwise we get seo articles for $10.
We need articles in this format to use our program. We currently have an article writer and we are always looking for talented SEO influenced writers. If you want we can try $200 worth of articles aka 5 articles. Let me know.”
This after submitting my rate of $35/article!!!!!
Thank you Yuwanda!
Ebook Sellers, Writers and Promoters: Don’t Devalue What You Know
I raised the price on the ebook with some trepidation. That had nothing to do with the content; it had more to do with an ingrained habit of devaluing what I know. As the success I’ve experienced as an SEO writer proves, when you know what others don’t, people are more than willing to pay you for it if they want/need it.
I dispense advice freely all the time – and really don’t mind doing so. However, what I give away for free is what many consultants charge hundreds of dollars for. And, I think when you continually give away valuable things people start to take you and your knowledge for granted. Or, they devalue it, eg, “everyone knows that” or “I could have found that out myself.”
In light of this, I’m making a concerted effort to stop devaluing my knowledge — which is really in a sense devaluing myself, my life, my experiences. As a female, I feel we have to pay particular attention to this tendency — especially in business.
Beware of the Snake Oil Salesman
I remember one time I went to this networking meeting. A business associate from the Chamber of Commerce I belong to invited me. He ran a networking business – the kind where you pay a fee to belong to each year. The guy was a few years younger than me and was a multimillionaire.
I was stunned after the meeting because the networking and PR techniques that his organization taught were things I learned years ago – and most of it wasn’t nearly as effective as he was touting. I know because I’d employed many of them. I never looked at him the same after that because the spin he put on his organization just wasn’t true in reality. He was trading off of people’s entrepreneurial hopes and dreams.
Advice for Selling Ebooks Online: Sell Only What You Believe In
All of this came flooding back to me after my talk with my former business mentor. I only sell products and services that I know work – usually because I’ve tried them. That’s why all of my ebooks are written from first-hand knowledge. I usually hit upon something that works and then think, “This could be beneficial to other freelancers too.” Let me write an ebook about it.
And, this is why first-hand information is so powerful.
This post has rambled on a little long, but I want to end with this, when pricing your products and services, think about the end value the user will receive. I did this recently when a client approached me about writing daily blog posts for his financial services blog. He thought my rate was high; I asked him what it meant to him to have a blog that was up and running instead of sitting stagnant because he didn’t have time to update it.
He responded, “Although I still think you’re a little high, I do feel better knowing that this is another personal project I’ve greenlighted instead of sitting on my to-do list.”
See, value for dollars. Now that’s priceless!
P.S.: What’s happened to sales since I raised the price of the ebook? I’ve made fewer sales, but more money.
Tomorrow in my weekly post at BloggingTips.com, I’ll delve into this issue a bit more with the post, Why Online Information Sellers are Changing the Home Business Landscape. Don’t forget to check out freelance writing jobs here. I’ll be uploading some more later on today.
Sincerely,
Yuwanda Black, Publisher
http://inkwelleditorial.com
http://inkwelleditorial.wordpress.com
http://seo-article-writer.com
http://seo-articles-for-sale.com
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